Rate rise pushes bonds to the top

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Al Rayan Bank has increased the rates paid on selected fixed rate bonds by up to 0.25%, propelling its 24-month and 36-month deals to the top of the Moneyfacts charts.

The basics…

The Sharia'a compliant 24-month variant of Fixed Term Deposit now pays an indicative profit rate of 2.75% quarterly while the 36-month version pays 2.85%, both of which are the market-leading rates for their respective terms.

The finer details…

Both accounts can be opened and operated in branch, by post and online with a minimum investment of £1,000.

As is common in the fixed rate market, neither account allows additions or early access to funds. Savers must therefore be happy with both their initial deposit and the length of their chosen term.

Why we like them…

The rate boost to these bonds has allowed them to climb up the charts to rest at the very top, something that is sure to attract eager savers, provided they are happy to lock their money away.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.